Yoel Wazana Provides Business Owners 5 Ways to Stay Ahead of the Competition

As a business owner, you already understand the importance of knowing your competitors and customers, creating a product that will sell, and continuously targeting new markets. But what else can you do to stay ahead of the competition? Yoel Wazana, president and founder of Micro Solutions Enterprises, provides five small, yet highly effective marketing tips for you to utilize.

1. Expand your current offer

In other words, think of what other related products or services your customers would be interested in. Your focus shouldn't necessarily just be on promoting a product, but rather on branding and promoting your company. What else does your company have to offer? Also, think about the little bonuses you can provide that will grab the attention of your audience. For example, many cafés today provide free Internet to customers.

2. Offer freebies to boost sales

Who doesn't like a free product? A great way to keep the interest of your current customers and attract new ones is by offering complimentary products. This is the perfect way to show potential customers what your company is about and why your products and/or services are worth investing in. Free products also give existing customers a reason to want to stay with you. Also, word of mouth travels fast and customers will have a lot to say about a company that offers free products.

3. Update your company logo

Have you ever noticed how companies will update or enhance their current image or logo? Companies like Domino's, JCPenney and Twitter recently upgraded their company images. Even the smallest changes, such as a new logo color or font, definitely stand out to customers.

4. Create future scenarios

A lot of businesses focus their attention on previous work and ideas when they should be thinking about what they should do for future success. Your goal should be to stay ahead of the game. Focus your attention and time on developing future marketing strategies and how you can beat your competitors. Be sure to follow consumer trends, invest in new technology, and have a clear vision of where you want to be in the next few years.

5. Don't underestimate the importance of financial planning

While you want your business to succeed, don't ignore your finances. From paying employees to purchasing technological devices, you spend faster than you may think. You should prepare a long-range financial plan so that you know how much you are able to spend and can avoid any dangerous situations.